The United States, Russia, and China continue to control nearly two-thirds of global Bitcoin mining capacity, though recent industry data reveals a shifting balance as US hashrate contracts while Russia's share expands.
According to Luxor Technology's Hashrate Index report published on Oct. 5, the United States, Russia, and China collectively account for 65.4% of total computing power on the network, down from 66.2% reported in the July 16 update. Global network hashrate remained virtually flat during the period, moving from 940 EH/s to 941 EH/s based on a 30-day simple moving average.
Hashrate Shifts Across Key Mining Hubs
Estimated mining activity in the United States dropped from 345 EH/s (36.7% market share) to 335 EH/s (35.6%). In contrast, Russia increased both total output and market presence, rising from 162 EH/s (17.2%) to 170 EH/s (18.1%). Meanwhile, China experienced a slight decline from 115 EH/s (12.2%) to 110 EH/s (11.7%).
The quarterly data highlights specific jurisdictional changes:
- United States: Capacity fell by 10 EH/s to 335 EH/s, bringing its network share to 35.6%.
- Russia: Added 8 EH/s to reach 170 EH/s, expanding its global network share to 18.1%.
- China: Output decreased by 5 EH/s to 110 EH/s, shifting its network share to 11.7%.
- Global Total: Edged up slightly from 940 EH/s to 941 EH/s.
AI Conversions and Operational Adjustments
The report emphasizes that physical machine distribution does not equate to beneficial ownership or block template control. Furthermore, local hashrate reductions frequently stem from strategic infrastructure transitions toward artificial intelligence (AI) and high-performance computing (HPC) rather than permanent exits.
In an Aug. 10 operational disclosure, Keel Infrastructure stated it had finished decommissioning all of its US Bitcoin mining operations to prepare facilities for HPC construction. Similarly, Core Scientific noted in its July 28 results that it is actively repurposing remaining mining sites for high-density colocation. Abroad, energy restrictions in Ethiopia also contributed to lower localized output. Even as broader market dynamics fluctuate and Bitcoin slips below key levels, power allocation decisions remain a primary driver of operator strategy alongside shifts in derivatives and futures markets.
Why It Matters
The geographic realignment of hashrate highlights how regional power constraints and corporate pivots toward AI workloads are reshaping Bitcoin's physical infrastructure. Russia's capacity growth alongside US contractions shows that lower energy costs and site availability continue to redirect hardware deployments globally. However, because transaction selection is largely governed by pool coordination and protocol standards like Stratum, geographical shifts in hardware do not automatically signal changes in mining control or network centralization.
